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Income Taxes
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before income taxes were taxed under the following jurisdictions:

(In thousands)202320222021
Domestic$722,153 $737,538 $518,080 
Foreign123,079 138,493 123,059 
Income before income taxes$845,232 $876,031 $641,139 
 
Income tax expense consists of the following:

(In thousands)202320222021
Current tax expense:   
Federal$144,111 $149,269 $107,804 
Foreign39,167 36,719 34,455 
State and local32,694 41,214 16,186 
Current tax expense215,972 227,202 158,445 
Deferred tax expense (benefit):   
Federal4,806 (3,312)(3,504)
Foreign270 (192)2,572 
State and local(286)(376)8,345 
Deferred tax expense (benefit)4,790 (3,880)7,413 
Income tax expense$220,762 $223,322 $165,858 
 
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

(In thousands)202320222021
Expected income tax expense$177,499 $183,967 $134,639 
State and local income tax, net of federal benefit25,542 32,184 21,132 
Effect of foreign statutory rates different from U.S. and other foreign adjustments14,519 7,443 11,185 
Investment in unconsolidated affiliates1,226 206 (679)
Other, net1,976 (478)(419)
Income tax expense$220,762 $223,322 $165,858 

The Company continues to assert that a portion of the undistributed earnings of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has accrued appropriate taxes for any undistributed earnings that are not considered permanently reinvested. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred.

The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2023, 2022, and 2021. 

During 2021, the Internal Revenue Service completed its audit of the Company’s 2015 and 2017 tax returns, the results of which were immaterial to the Consolidated Financial Statements. The statute of limitations is open for the Company’s federal tax return for 2020 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

(In thousands)20232022
Deferred tax assets:  
Inventories$19,162 $16,829 
Other postretirement benefits and accrued items10,174 7,260 
Other reserves6,956 8,046 
Foreign tax attributes4,862 5,750 
State tax attributes, net of federal benefit6,728 8,063 
Stock-based compensation4,502 5,249 
Lease liability7,354 4,540 
Basis difference in unconsolidated affiliates11,509 6,881 
Total deferred tax assets71,247 62,618 
Less valuation allowance(23,078)(21,505)
Deferred tax assets, net of valuation allowance48,169 41,113 
Deferred tax liabilities:  
Property, plant, and equipment42,980 44,001 
Lease asset7,776 4,970 
Other liabilities10,884 2,918 
Total deferred tax liabilities61,640 51,889 
Net deferred tax liabilities$(13,471)$(10,776)

As of December 30, 2023, after consideration of the federal impact, the Company had state income tax credit carryforwards of $1.3 million, all of which expire by 2024, and state net operating loss (NOL) carryforwards with potential tax benefits of $5.6 million, after consideration of the federal impact, expiring between 2027 and 2036.  The state tax credit and NOL carryforwards were fully offset by valuation allowances.

As of December 30, 2023, the Company had other foreign tax attributes with potential tax benefits of $3.8 million, which have an unlimited life, and attributes with potential benefits of $1.0 million that expire between 2035 and 2039; all of these foreign attributes were fully offset by a valuation allowance. The Company has also recorded a valuation allowance against deferred tax assets related to the book-tax differences in investments in unconsolidated affiliates.

Income taxes paid were approximately $219.6 million in 2023, $238.3 million in 2022, and $132.9 million in 2021.